The Global News Source for the World of Science
02 August 2018Lab Chat
Over the last six months, India has finalised a number of trade deals with the UAE in a bid to bolster its supply of crude oil and achieve a better price per barrel. This collaboration has taken a number of different forms, including bidding alongside Middle Eastern companies for Emirati oil blocks, storing Emirati oil in Indian facilities and investing in refinery projects in the country.
India’s oil minister Dharmendra Pradhan has highlighted how the growing demand for oil in his country makes India an attractive place for investments and partnerships at the moment. “Oil producers don’t want to miss India’s bus,” he told Reuters. Some of the ongoing and concluded deals with the UAE include:
Keen to keep oil prices below this year’s high of $80 per barrel, Indian representatives have met with official ambassadors of OPEC countries to discuss India’s growing influence in the fossil fuel sector. They have also met with Chinese officials to discuss the possibility of forming an “oil buyers’ club”, which could help to stabilise the market.
Outside of Asia, India has also looked to the United States of America to meet its rising oil demands. Last October, received its first ever shipment of US oil as it imported 1.6 million barrels from the USA at the same time as 400,000 barrels arrived from Canada. Another 1.9 million American barrels are expected to arrive in the near future, since North American oil currently represents a cheaper source of energy than alternatives closer to home.Download PDF